Compensation in personnel management context: theoretical approach
Journal Title: Ekonomika ir Vadyba: Aktualijos ir Perspektyvos - Year 2013, Vol 29, Issue 1
Abstract
Research object - compensation in the personnel management. Research aim - to analyze the variety of concepts compensation, so as to more clearly reveal the structure of the compensation package and his role in the company's personnel management. Objectives of the research: 1. To explore the concept of compensation. 2. To analyze compensation classifications diversity. 3. To examine the nature of the compensation package and structure. The research methods: in article used descriptive research sources, analytical method, comparative analysis of the scientific literature is used also. Conclusions: • Compensation is an integral part of the personnel management, empowering them to motivate staff and improve the organization's efficiency and helps the company to attract and retain the best employees. • Wages are only part for the compensation system. It is necessary to consider the fact that the staff aims to meet today's their higher needs, such as respect and self-expression, and compensation in the broad sense serve social goals to achieve. • Global competition is forcing through a compensation tool for gaining competitive advantage. Business goals and objectives forming an integral part of the compensation package formation, carried out by the Personnel Department. • Depending on the company selected the compensation package structure implemented in the compensation policy functions: staffing, motivation, social development, reproductive, cost accounting, and the choice governed by company size and financial capabilities.
Authors and Affiliations
Danguolė Šavareikienė
Keywords
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